Nepal's central bank on Tuesday directed banks and businesses to stop using banknotes bearing the portrait of the country's former king and asked people holding such notes to get them exchanged.
After the country abolished the monarchy in 2008, the central bank started circulating banknotes with the image of Mt. Everest on them and launched a nationwide drive to replace the old notes.
The central bank had sent out a notification last October that banknotes bearing the king's portrait would hold no value from Monday, but it said Tuesday that eight of its counters would continue to accept such banknotes and replace them with new banknotes.
According to the central bank's estimates, around 10 billion rupees ($135 million) worth banknotes bearing the king's portrait are still in circulation in Nepal.
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